Member Info for Oldcoaster

We are running right up to the wire for a Farm In if the partner is going to fund & participate in the well to be spudded in April. IMO the BoD will want 100% funding in place to commit unconditionally to the rig. We going to have an exciting few weeks.

We need a good Rake n’ Scrape song about oil and the history of the Bahamas to awake the consciousness of the Nation.

I agree we mustn’t read much into the MF.

Bahamians are not much into investing in shares and not many people think there is oil anyway. Now, if the web shop guys could sell it as a great gamble ......

Apparently the best CO2 absorbing vegetation in a country like Bahamas is not trees on land but turtle grass - under the sea! Saving whats there and re-afforestation of tree friendly land is best.

The Bahamas can be one of the most charming and friendly country in the world. Your comments are inaccurate to say the least.

We were told spud was end Q1. Without funding in place that target is sure to slip. In fact its time to ask when we will know if this is going to happen - or not.

IMO the sp could go to 3p /4p before news.

Didn’t the company say the EA will be finalised when the specific rig is contracted? As i see things, shareholders want to know funding is in place and the rig permitted and contracted. So allowing certainty on the spud date.

At this rate BPC will have found oil before the market has noticed anything is happening!

BPC shares are locked in irons. There is no sign of breakout and i’d say there has never been a better managed share price. Without news of progress towards spud we could even decline. Mind you i wouldn't think of selling and still retain all my block - inc OO allocation. No Sands Beer being produced at present but a Kallik or two might help while away the days.

Jim,

i'm not risk averse!
just not confident enuf to top up that last million shares

Bonum, if BPC really is fully funded & ready to go then it's fantastic news.

Jim, not sure how much you know but even your phrasing confirms the well is not yet funded unconditionally. IMO even the conditionally provided funds are yet enough to commit to 1 well. This explains the still low sp.

How can we legally & firmly commit to a rig when the money is not there. ? By the way, the board did not call me to help. They could have done, so it all confirms this is a cosy deal

This Mutual fund is a small transaction in the wider the scheme of things. Its surprising that we don't know for certain if the well is fully funded and £2m cannot be the pivot on which everything hinges. Shareholders are still in the dark as to how this well will be paid for and its clear from lack of news that there remains a lot of uncertainty. Now see trolls shout me down.

The Apache Farm Out to Total looks fascinating. Eitan must be carrying a copy of the terms round with him. Back costs, billions in carry , all for 50%. And immediately followed by a whopper discovery. How big is the find ? Anything like it for BPC and 87p party is back on - 8 years late.

The investment Fund is a great idea to meet Bahamian aspirations but given the lack of appetite for risk equities amongst B$ Investors i do not expect much impact on demand for shares early on.

Lets hope we get news as the drill bit goes down.

If early on in drilling BPC hits oil in one of the shallower targets would this mean that the chance of success at the lower target level improvers substantially? Logic suggests things should look much better as oil at a shallow depth ought to imply the deeper targets are filled to overflowing. eg the stated CoS gets increased.... Is this correct?

LTHs believe there is oil which is why we have been waiting so patiently for this well. Application for my full OO entitlement has gone in today.

I'm thinking that the OO will be oversubscribed and disappointed excess applicants will use their cash to top up . Once the well is confirmed as fully funded thats as a "way point" that will move the sp..

Any thoughts on considering value potential . My first target on a first well material discovery is approx 35-40p but I'd not be a seller below 100p

No cheating at cards or share pushing at the Grenadier? Maybe the entry should have BPC shareholders meet up
added.

Wikipedia reveals the history.
he Grenadier is a public house in Belgravia, London. It was originally built in 1720 as the officers' mess for the senior infantry regiment of the British army, the 1st Regiment of Foot Guards and so was located in a courtyard of their barracks. It was opened to the public in 1818 as The Guardsman and was subsequently renamed in honour of the Grenadier Guards' actions in the Battle of Waterloo.[1]

Being secluded in a wealthy district of London, it was frequented in the past by the Duke of Wellington and King George IV, and continues to attract an elite clientele such as Madonna and Prince William, LSE Global Politics students and Alumni of St John's College, Durham University.[1][2] It is also said to be haunted by the ghost of a subaltern who was beaten to death for cheating at cards.[3][4]

Just told bank to take up my allocation in full. Wasn't really keen to commit more loot but didn't want to be diluted at such a low price . Those shares not taken up will be placed OK. By the time our rig is in position the sp will be quite a bit higher.